QUIZ: Ch. 6.3 - 6.4 (Math for Finance)

Match the following

• Flexible Spending Account (FSA)

• The amount of money a worker takes home after taxes

• Cafeteria Plan

• The total pay (hourly rate and any overtime) an employee receives before taxes are taken into consideration

• Net Pay

• A portion of pretax wages set aside for the payment of certain medical, childcare, parental care, and unreimbursed medical insurance expenses

• Paycheck

• A form of payment to employees for their work, usually handled by someone who works in payroll

• Gross Pay

• An employee-sponsored cafeteria plan in which employees choose to deposit funds that will be used in a specified 12-month period of time; this is a "use it or lose it" plan

Tags

CCSS.6.NS.C.7C

Match the following

• Form W-2

• A form used to report income and tax data; this is used to help you calculate how much federal, state, and /or local income taxes are owed

• Form 1099

• A form sent to taxpayers that is used to report other income made, such as interest on bank accounts, interest from stocks, etc.

• Form W-4

• Federal, state, and local income taxes that are withheld by employers, who then send the money to the government

• Withholding Tax

• When money is placed in a qualified retirement account, the taxes are delayed until the taxpayer makes a withdrawal from the account after retirement

• Tax-Deferred Contribution

• A form that is filled out by a new employee that tells your job how much money should be withheld on your paycheck in order to pay your share of federal taxes

[Ch. 6.3 Notes, Question #1] What form do you fill out so your job knows how much money to take out of your paycheck, to help pay for taxes?

• Form W-2

• Form W-4

• Form 1099

• Form W-420

Tags

CCSS.6.EE.B.6

[Ch. 6.3 Notes, Question #3] Aside from local, state, and federal taxes, list the two items outlined in your textbook that your withholding taxes help pay for when taking money out of your paycheck (*NOT Property Taxes, but Federal Taxes):

• Military

• Social Security

• Education

• Medicare

Tags

CCSS.7.RP.A.3

[Ch. 6.3 Notes, Question #4] When working at a job, who fills out and completes the W-2 Form for tax purposes?

• You

• Your employer (aka, your job)

• Your Mom

• Your boyfriend / girlfriend. But if you don't have one, then you borrow your best friend's boyfriend / girlfriend. And if they don't have one either, then Mr. Yancey.

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

[Ch. 6.3 Notes, Question #7] What is the maximum amount of money you could be penalized for committing tax evasion as an individual?

• $50,000

• $120,000

• $250,000

• $1,500,000

[Ch. 6.3 Notes, Question #8] What (%) of your paycheck is taken out to help pay for Social Security?

• 1.45%

• 3.20%

• 6.20%

• 15.45%

Tags

CCSS.7.RP.A.2C

You're an employee at Culver's and earn $14.50 per hour. For any amount of time you work over 40 hours, you earn 1.5x per hour.

Your manager says they need you to work 50 hours this week. They also throw in a little bonus for you: Post a picture of a satisfied customer at Culver's on your social media account and they'll reward you with a one-time bonus of $25.

You work the 50 hours and are able to snap this gem of a picture. Your boss loves it!! So in the end, what will your total gross pay be for this week, including the $25 bonus?

(a)  

Tags

CCSS.8.EE.C.7B

You work at Firehouse and earn $14.00 per hour. Your manager says they need you to work 40 hours this week, to which you say, "My Pleasure." And then your manager says, "What is this, Chick-Fil-A!? You say WITH Pleasure!"

You receive your paycheck at the end of the week and notice some money has been withheld to help pay for Medicare. What is the total amount deducted off your 1-week paycheck for Medicare? (*Assume 1.45% is taken out for Medicare)

(a)  

Tags

CCSS.6.RP.A.3C

Your dad works as a Police Officer and earns $49,000 per year. Your dad gets paid every two weeks and works a total of 80 hours in a two-week pay period. Assuming your dad puts in a total of 2,000 hours for the year, what amount will be deducted off his 2-week paycheck for Social Security? Assume 6.20% is taken out for Social Security. (*Hint: What does he make per hour?)

(a)  

Tags

CCSS.6.RP.A.3B